SinoPac Holdings and Bank SinoPac have released their "2023 Climate and Nature-Related Financial Disclosures Report," following the publication of their first TCFD report in 2022, the 2023 report integrates both TCFD and TNFD frameworks.
The report covers four major dimensions: "Governance," detailing the relevant organizations, structures, and responsibilities; "Strategy," outlining risks, opportunities, and actions; "Risk Management," describing policies, operations, and investment management; and "Metrics and Targets," presenting qualitative and quantitative indicators and target achievements. For two consecutive years, SinoPac has received the highest "Level 5+: Excellence" certification from the British Standards Institution (BSI) for climate-related financial disclosures.
Climate change and biodiversity loss are critical global issues that must be addressed. SinoPac Holdings is actively responding to international trends in climate change, carbon reduction, net-zero emissions, and biodiversity. The company has developed and implemented various climate mitigation, ecological protection, and adaptation initiatives to enhance its resilience to climate and biodiversity challenges.
The depletion of natural capital will impact the operational activities of enterprises reliant on it, subsequently posing potential risks and opportunities to the financial sector's own operations as well as its corporate investment and financing activities. Therefore, SinoPac Holdings and Bank SinoPac have adopted the LEAP (Locate, Evaluate, Assess, Prepare) methodology of the Taskforce on Nature-related Financial Disclosures (TNFD) to identify the impacts of their own operations and the entire value chain on biodiversity, the risks associated with industries sensitive to natural factors, and to assess the dependency and impact of their investment and financing portfolios on nature. Concurrently, they aim to discern nature-related risks and opportunities, with the goal of enhancing transparency around nature-related risks and leveraging these opportunities to support the sustainable development of enterprises.
SinoPac Holdings has pledged to achieve net-zero emissions in its own operations by 2030 and its financed portfolios by 2050. The company has set Science-Based Targets (SBTs) and obtained validation in January 2024. To meet the 2050 target of net-zero emissions across its financed portfolio, SinoPac has annually inventoried the financial carbon emissions of its investment and financing portfolio since 2021, following the methodology of the Partnership for Carbon Accounting Financials (PCAF). In 2023, the company officially joined PCAF and has expanded its inventory to include “Avoided Emissions” ,“Facilitated Emissions”, and financial carbon emissions from its asset management business, for the year 2023. Furthermore, SinoPac has introduced ISO 14064 greenhouse gas verification for the first time, demonstrating its commitment to achieving the 2050 net-zero target.
Looking ahead, SinoPac Holdings will continue to focus on climate and nature-related issues, hand in hand with stakeholders to guide the sustainable prosperity of businesses and achieve the vision of " Together, a better life."
